Aban cuts dependency on Iran to avoid further sanction risks

Cuts rigs deployed in Iran from 7 to 1

Aban Offshore has pulled almost all its rigs from Iran due to continuing uncertainties. S Srinivasan, senior vice-president, Aban Offshore, said that total receivable was about $296 million. Major portion of it was from Iran.
 

“I think, I can say about 90 per cent is from Iran,” he told analysts during a conference call. Payments were delayed due to sanctions

He said the situation was improving but the amounts are large. As of now, Aban has only one rig working in Iran. At the peak, the company had about seven rigs there. The company gradually reduced it to mitigate against further